Financial Sector Assessment Program Update : Philippines - The Insurance Sector, A Market and Risk Based Review
This note summarizes the conclusions of the review of the insurance sector in the Philippines as part of the Financial Sector Assessment Program (FSAP). The main objectives of the assessment are to review the performance and structure of the insura...
| Main Authors: | , |
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| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2010/04/18019614/philippines-insurance-sector-market-risk-based-review-technical-note http://hdl.handle.net/10986/16058 |
| Summary: | This note summarizes the conclusions of
the review of the insurance sector in the Philippines as
part of the Financial Sector Assessment Program (FSAP). The
main objectives of the assessment are to review the
performance and structure of the insurance sector in the
Philippines with respect to: a) the potential exposure of
the sector to vulnerabilities, either generated from the
sector or in response to other circumstances outside the
sector that could either be magnified or dampened by the
sector; b) the potential for the sector to grow and develop,
in its own context and also to contribute to the overall
long term growth and development of the economy and the
well-being of the Philippines people; and c) the
relationship between the oversight and regulatory
arrangements for the sector against international norms and
best practices. In summary, the key conclusions of this
analysis are: i) the financial performance of the sector has
been particularly stable although the outlook is less
sanguine; ii) financial vulnerabilities are present but the
challenges would appear to be manageable with careful and
vigilant oversight and some targeted policy measures; and
iii) opportunities for growth in the sector are wide ranging. |
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